Question

please answer 1-3 year catch effort 1962 51.8 50.0567 1963 44.3 44.3 1964 48 44.54 1965...

please answer 1-3

year catch effort
1962 51.8 50.0567
1963 44.3 44.3
1964 48 44.54
1965 44.826 59.9788
1966 39.208 45.3769
1967 48.278 46.6083
1968 37.819 52.2453
1969 31.992 54.1197
1970 29.894 35.6082
1971 39.406 61.2475
1972 34.279 54.7616
1973 27.958 46.5664
1974 36.407 28.5148
1975 27.827 27.1653
1976 33.71 38.8333
1977 32.888 22.0711
1978 35.804 31.362
1979 38.95 25.6873
1980 29.157 19.38
1981 23.748 21.7888
1982 28.333 20.1047
1983 31.945 27.1808
1984 18.434 17.9237
1985 22.531 18.9703
1986 25.587 22.3778
1987 29.777 16.8984
1988 27.906 20.1961
1989 25.757 16.4284
1990 24.503 15.5728
1991 16.608 17.144
1992 18.162 15.7857
1993 18.371 12.1206
1994 16.993 10.3118

ARE 106

Quantitative Methods

Problem Set 3

The data set “BasqueTuna.dat” on Smartsite provides information on the total catch of white tuna in the Basque region of Spain (in tons) and the effort, or total days of fishing (in thousands) to produce this tuna, each year from 1962-1994.

1. Use the data to estimate a simple regression equation of the following form:

catcht  = b0  +b1effortt + et

Report your findings in either table or equation form. Does this regression satisfy CR3? Please show and explain your test for serial correlation at the 95% significance level. Present your results and explain your conclusion

2. Please specify and estimate a better regression model that you can defend, on the basis of economic theory, to explain the production of tuna as a function of effort. Explain why this functional form is better. Present and interpret your results. What is the elasticity of output with respect to effort in this new model?

3. Is serial correlation a problem with the model in (2)?  Please carefully present the results of your test for serial correlation (use the 95% significance level), present your results, and explain your findings.

4. Now re-estimate the model in (2) using the Newey-West method. Report your results and compare them with what you got in (2). What is different, and why?

5. Is there evidence that the marginal product of effort has changed over time?  How? Please show your work, explaining how you test for this and what you find.

6. Does the model in (5) exhibit serial correlation? Please test for this at the 95% level

and present your test results. Is the result different than in (3)? Please speculate on why or why not.

2

Homework Answers

Answer #1

The simple linear regression model is

In our case

y= Dependent variable=Catch

x= Independent variable=Effort

Therefore the model is

After fitting the regression model we get,

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 16.8113996 2.478641652 6.782505 1.353E-07 11.7561766 21.86662 11.7561766 21.866623
X Variable 1 0.46712366 0.070758985 6.601616 2.243E-07 0.32280976 0.611438 0.32280976 0.6114376

From the above information we get,

It can be interpreted as follow:

If the effort increase by one unit,the catch is also increase by 0.4671236 unit.

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